THE NUMBER OF homes available to rent in Dublin city centre has increased by 75% in the last 12 months, according to data published by property website Daft.ie.

The company’s latest report showed how the number of properties available to rent surged since the lockdown was first announced. 

“As seen in our last report the number of properties for rent in Central Dublin since the schools closed on March 13th still remain well above the same period last year and is now 75% higher, year on year,” a statement from the firm reads.

However, Daft said that the week-by-week figures suggest that “this surge may now be easing”.

While there were three times as many rental properties listed in central Dublin the week of 15 March when compared to a year previously, in the week of 5 April, there were just 16% more properties put up for rent.

In numbers, the surge has eased from 170 additional properties in the week just after schools were closed to fewer than 20 additional rental properties in Central Dublin last week.

In the rest of the country, the number of rental listings has been falling and by much bigger percentages.

The rest of Dublin had seen 24% more rental listings the week of March 15th (just after lockdown) but saw 16% fewer the week of 5 April. Outside Dublin, it had been unchanged year on year on 15 March and is now down by 51%.

The additional stock of houses and apartments for renters is likely due to the collapse in demand for short-term lets. 

Ronan Lyons, Daft.ie economist said there has been a general increase in the number of available rentals across the country over the last 18 months, but there is a particular trend he has noticed in the data from the start of March in the capital.

Speaking last month, Lyons said almost all of that increase is concentrated in Dublin (303 of the 353 extra listings) and half of the Dublin increase is concentrated in what might be termed the most in-demand property type and area for the short-term rental market – one and two-bed properties in Dublin city centre.

Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.